Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
A trader works on the floor of the New York Stock Exchange. On April 3, the S&P 500 soars to a new high on positive sentiments/AFP

World

S&P 500 rises to another record; Dow just misses

A trader works on the floor of the New York Stock Exchange. On April 3, the S&P 500 soars to a new high on positive sentiments/AFP

A trader works on the floor of the New York Stock Exchange. On April 3, the S&P 500 soars to a new high on positive sentiments/AFP

NEW YORK, April 2- The S&P 500 Wednesday rose to a new high, but the Dow Jones Industrial Average fell just short of a record on another good day for stocks.

Positive sentiment lifted the S&P 500 by 5.38 (0.29 percent) to 1,890.90, the second record close in a row.

The Dow rose 40.39 (0.24 percent) to 16,573.00, about four points shy of a record. The tech rich Nasdaq Composite Index advanced 8.42 (0.20 percent) to 4,276.46.

Analysts said investors remain in a fairly hopeful mood following a run of economic data that, while not outstanding, is “good enough” to persuade that the economy is on a good path, said Mace Blicksilver, director of Marblehead Asset Management.

“There are still a few questions about the Nasdaq glamors, but there’s enough in the blue chips to keep everyone very excited,” Blicksilver said. “The bull market is intact.”

Blicksilver said the surge of the past two days may be enabled in part by an influx of cash at the start of the second quarter.

Leaders in the Dow included Caterpillar (+2.8 percent), United Technologies (+1.7 percent) and General Electric (+0.7 percent).

General Motors jumped 1.6 percent even as chief executive Mary Barra faced tough questioning at a US Senate hearing into the auto giant’s slow recall of millions of vehicles due to deadly safety problems.

California utility PG&E advanced 2.3 percent even as federal prosecutors announced a criminal indictment against the firm over a fatal 2010 gas pipeline explosion and allegations the company “knowingly” violated federal pipeline law.

Morgan Stanley said the PG&E indictment, while negative, was “manageable” from a financial point of view, because the fine would be up to $6 million.

Advertisement. Scroll to continue reading.

Agricultural company Monsanto reported earnings of $3.15 per share, above the $3.07 projected by analysts. Shares gained 0.8 percent.

Pharmaceutical company MannKind powered 73.9 percent higher on news that a Food and Drug Administration advisory panel recommended marketing approval for its Afrezza diabetes therapy.

News that the Centers for Medicare and Medicaid Services would cut prices for genetic testing analysis provided by Myriad Genetics by less than expected lifted shares 11.5 percent.

Bond prices fell. The yield on the 10-year US Treasury rose to 2.80 percent from 2.76 percent Tuesday, while the 30-year increased to 3.65 percent from 3.60 percent. Bond prices and yields move inversely.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...